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Jim Sinclair’s Commentary
I understand the Chinese are considering the manufacturing of OTC derivatives, Securitized Investment Vehicles and Credit Default Swaps to fall under this part of felony with similar punishment.
Woman, 28, sentenced to death for defrauding investors
Xinhua, December 20, 2009
A businesswoman was sentenced to death in east China’s Zhejiang Province Friday for defrauding investors of 384 million yuan (US$56 million).
Wu Ying, 28, former owner of the Zhejiang-based Bense Holding Group, amassed the funds by promising high returns to investors between May 2005 and February 2007, according to the Intermediate People’s Court of Jinhua city.
The money was used for Wu’s personal consumption and in paying back the loans and operation costs of her company, said the court.
Born to a farmer’s family in Dongyang city, Zhejiang, Wu started from scratch by opening a beauty salon in 1997.
By 2006, she had become known around the nation for her Bense Group, which had interests ranging from hotels and department stores to Internet cafes, car sales, construction materials and dry-cleaning chains.
Jim Sinclair’s Commentary
When you stimulate a sector other than an OTC derivative crushed financial industry, something actually happens.
China creates 10.13 mln jobs in urban areas in 1st 11 months
Xinhua, December 19, 2009
China generated 10.13 million new jobs in urban areas in the first eleven months, as government stepped up efforts to ensure adequate employment, according to the official data released on Friday.
The urban jobless rate would likely reach 4.3 percent by the end of this year and the total employed will surpass 11 million, Yin Weimin, Minister of Human Resources and Social Security told a national meeting on job promotion and social security work.
Also at the meeting, Vice Premier Zhang Dejiang urged authorities to maintain the continuity of the employment policy and make every efforts to secure jobs notably for college graduates and rural migrant workers.
He said the social insurance system should expand coverage, and the beneficiary should enjoy higher insurance income.
To help more than seven million college graduates land jobs, China has unveiled a slew of measures including offering them incentives to work in rural areas and in small firms, giving financial support for start-ups of their own business, and telling enterprises to provide internships for graduates.
Employment rate of college graduates reached 83 percent by the end of October as those measures showed effects.
Jim Sinclair’s Commentary
The Saudi Military, having not experienced too much success, called in the big stick.
Obama Ordered U.S. Military Strike on Yemen Terrorists
Cruise Missiles Launched Thursday Hit Two Suspected al Qaeda Sites; Major Escalation of US Efforts Against Terrorists
By BRIAN ROSS, RICHARD ESPOSITO, MATTHEW COLE, LUIS MARTINEZ and KIRIT RADIA
On orders from President Barack Obama, the U.S. military launched cruise missiles early Thursday against two suspected al-Qaeda sites in Yemen, administration officials told ABC News in a report broadcast on ABC World News with Charles Gibson.
One of the targeted sites was a suspected al Qaeda training camp north of the capitol, Sanaa, and the second target was a location where officials said "an imminent attack against a U.S. asset was being planned."
The Yemen attacks by the U.S. military represent a major escalation of the Obama administration’s campaign against al Qaeda.
Jim Sinclair’s Commentary
The problem is that this coup, properly understood, may well result in a vacuum. A vacuum in power can easily be filled by insurgents.
Pakistan in crisis as ‘creeping coup’ unfolds
SAEED SHAH, ISLAMABAD
December 20, 2009
THE political crisis in Pakistan has deepened after the Government’s anti-corruption agency sought a warrant for the arrest of the country’s Interior Minister.
Officials from the National Accountability Bureau asked for permission to arrest Rehman Malik, the minister in charge of law and order and the war on terrorism.
The move followed a supreme court ruling last week that overturned an amnesty introduced by General Pervez Musharraf, the former president, to enable the late former prime minister Benazir Bhutto and her senior aides to return from exile in 2007.
Under the deal, more than 8000 cases, including corruption, were dropped.
A number of other leaders of the ruling Pakistan Peoples Party (PPP) were also summoned to appear before the courts over long-standing corruption charges.
